If you are planning a new phase in your life, one of the most pressing questions at this juncture is whether you should buy or rent a home. There are, of course, pros and cons to each option, and personal circumstances will rarely determine the best choice for you and your family.
In this post, we will consider renting vs. buying and both the pros and cons of each. The information below is designed to help you make an informed decision about what is best for your next step, so let’s get started.
What Are the Pros of Buying?
Despite the pandemic, Americans have gone on a homebuying spree lately. Statistics show that U.S. homeowners increased by around two million in the past year.
The advantages of buying a home in Montgomery include the freedom to customize the property and living space however you like and a sense of stability and permanence. In a financial sense, you will build equity over time, there can be tax benefits, and the value of your property can also increase over time.
What Are the Cons of Buying?
As a homeowner, you will have responsibility for repairs and maintenance of the property, and there is less flexibility to move than renting. There is also the chance that your home value could decrease over time.
What Are the Pros of Renting?
Recent statistics have shown that more U.S. households are renting than at any other point in the last fifty years. Renters have been steadily growing in number since around the turn of the century.
One of the primary benefits of renting is the freedom to move around, which can be particularly attractive for young people starting their careers. In addition, the landlord will cover maintenance and repair costs, and there are no expensive closing costs.
What Are the Cons of Renting?
When renting, you do not build equity, your rent could increase over time, and the landlord may decide to sell the property at any point. Renters are also limited in the amount of customization they can do, and the sense of home stability is not the same as when you own a property.
Ultimately, the final decision is one that the individual or family needs to make, depending on their circumstances. If you are interested in learning about purchasing a home in Montgomery, check out our mortgage calculator.
Renting vs. Buying in Montgomery: The Choice is Yours
When deciding between renting vs. buying, consider how long you plan to live in the same place, the cost of either renting or buying and what is best for you and your family.
At JTS & Co., we are home loan advisors serving the Montgomery, AL area dedicated to matching our customers with the mortgage loans that best fit their needs. You will find the best home financing solution here. Contact our experienced team today and learn more about the best options for you.